On the first day of work, South Korea's Kia sent a $900 million "big red envelope" to Yancheng

On February 7, the first day of work in the Spring Festival, the Yancheng People's Government signed an expanded investment cooperation agreement with Kia Co., Ltd. of South Korea to establish a new joint venture company in the Yancheng Economic Development Zone. Yancheng is Kia Motors' only production base in China, and the proposed new joint venture company plans to increase capital by US$900 million to increase vehicle sales and capacity utilization by expanding investment, introducing new models, developing new energy vehicles, and increasing exports.

As early as 1996, Jiangsu Yueda Group signed a technical cooperation contract for auto parts with South Korea's Kia Group. In 2002, Dongfeng Yueda Kia Automobile Co., Ltd. was formally established, which is also the first foreign-related restructuring project of automobile enterprises approved by the competent state departments after China's accession to the WTO. In that year, the joint venture company invested heavily in planning a new plant, designed and expanded the capacity of vehicles with an annual production capacity of 150,000 vehicles, and planned more than 20 parts supporting enterprises around it. Driven by Kia, Yancheng Economic Development Zone has gathered more than 400 industrial chain enterprises such as South Korea SK, South Korea Mobis, France Faurecia, and The United States Dana, with a total vehicle production capacity of more than 1 million units, a cumulative production and sales of nearly 6 million vehicles, and built and opened industrial carriers such as Jiangsu New Energy Automobile Research Institute, China Automobile Center Test Field, and Huaren Express's first "Wisdom Road", forming a relatively complete industrial ecology from vehicle manufacturing to parts and components.

For more than 20 years, northern Jiangsu from scratch, the rise of an automobile city, at the same time, Sino-Korean industrial cooperation and exchanges have also become a city card of Yancheng, Yancheng has concluded sister city and friendly exchange city relations with 12 cities in South Korea, all counties (cities, districts) of Yancheng have concluded friendly relations with Korean cities, and more than 10,000 Koreans work and live in Yancheng all year round. This year marks the 30th anniversary of the establishment of diplomatic relations between China and South Korea, the year of cultural exchanges between China and South Korea, and the fifth year of the establishment of the China-South Korea (Yancheng) Industrial Park. Yancheng Economic Development Zone, as the core area of the integration of industry and city in the China-Korea (Yancheng) Industrial Park, has successfully approved the first batch of China-Japan-South Korea (Jiangsu) Industrial Cooperation Demonstration Park in Jiangsu Province and the Joint Innovation Zone of China (Jiangsu) Pilot Free Trade Zone. Relying on THE KOREAN-funded enterprises such as, SK New Energy, Mobis, and Douyuan Air Conditioning, the import and export of Yancheng Economic Development Zone to South Korea in 2021 increased by 21.7% and 18.3% respectively year-on-year, and the actual utilization of foreign capital for the whole year was completed one quarter ahead of schedule, of which the actual utilization of Korean capital increased by 53% year-on-year.